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.ton domains: how a crypto wallet got a human name
Imagine that instead of a long string of characters like EQDZ3FVcaCjwbL4IEtfnWPokJilaPUdqzHNwv1_GUV_U-Pt0, you can simply use your name or nickname. That's what .ton domains do in the TON blockchain ( and other blockchains have similar systems, like .sui).
A domain is essentially your crypto passport. You purchase it, choose a cool name, and then you can “link” a wallet, smart contract, or even a website. Plus, you are issued an NFT of this domain, so it is officially yours on the blockchain.
Why is this cool? No one can block you. There is no administrator who suddenly decides that they don't like your domain. Decentralization in action.
But there is a nuance: every year you need to renew the domain by sending at least some TON to its address. If you forget, the domain goes to auction. This is done specifically to ensure that people do not lose their domains forever due to lost seed phrases.
For exceptions, network voting is provided for changing ownership, but this is only in extremely difficult cases.